Al-Bahar: NBK maintained its solid performance, delivering record profits

Al-Bahar: NBK maintained its solid performance, delivering record profits

KUWAIT: Shaikha Al-Bahar, Deputy Group CEO of National Bank of Kuwait (NBK) said that the outstanding bottom line growth for the first half of 2023 was mainly driven by higher core banking income, as the bank continued to deliver very strong profitability trends, both for the quarter and year-to-date figures. On the sidelines of the Analyst Conference for the results of 1H 2023, Al-Bahar added, “We continued to deliver very strong trends operationally, with our revenue growth surpassing the increase in our operating expenses and hence delivering very solid growth in our pre-provision income to reach KD 359.2 million, growing by 23.1 percent year on year.

NBK’s strong operating performance has resulted in the Bank reporting the highest quarterly profit to date.” “Our focus remains on creating shareholders value as evident in the constant and fundamental improvement in our profitability ratios with return on average assets of 1.53 percent and return on average equity of 15.2 percent,” she noted. Strategic pillars Al-Bahar mentioned, “NBK continued to deliver on its key strategic pillars focusing on diversification and defending our market share. We continued to be competitive in the local market and the bank of choice whether for retail & high net worth